Zacks Investment Research Lowers Akoustis Technologies (AKTS) to Sell

Akoustis Technologies (NASDAQ:AKTS) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Wednesday, Zacks.com reports.

According to Zacks, “Akoustis Technologies, Inc. is a semiconductor designer and manufacturer of radio frequency resonators and filters which facilitate signal acquisition and accelerate band performance between the antenna and the back end of mobile devices. The company’s patent-pending Bulk ONE(TM) technology produces single crystal, piezoelectric bulk acoustic wave filters. Akoustis Technologies, Inc. is headquartered in Huntersville, North Carolina. “

AKTS has been the subject of a number of other reports. Craig Hallum reaffirmed a “buy” rating and set a $10.00 price objective (up from $8.00) on shares of Akoustis Technologies in a research report on Tuesday, February 5th. Northland Securities cut Akoustis Technologies from an “outperform” rating to a “market perform” rating in a research report on Tuesday, February 5th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the stock. Akoustis Technologies has an average rating of “Buy” and a consensus price target of $10.14.

Shares of NASDAQ AKTS opened at $7.97 on Wednesday. Akoustis Technologies has a 52-week low of $3.40 and a 52-week high of $9.50. The company has a debt-to-equity ratio of 0.64, a current ratio of 12.78 and a quick ratio of 16.79.

In other news, Director Steven Denbaars sold 7,000 shares of the stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $6.58, for a total transaction of $46,060.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold a total of 11,500 shares of company stock valued at $74,550 over the last ninety days. 22.60% of the stock is owned by insiders.

Hedge funds have recently modified their holdings of the company. Jefferies Group LLC purchased a new position in shares of Akoustis Technologies during the 1st quarter worth approximately $67,000. Morgan Stanley raised its stake in shares of Akoustis Technologies by 141.8% during the 1st quarter. Morgan Stanley now owns 12,691 shares of the technology company’s stock worth $74,000 after buying an additional 7,442 shares in the last quarter. Quad Capital Management Advisors LLC purchased a new position in shares of Akoustis Technologies during the 4th quarter worth approximately $71,000. Marshall Wace North America L.P. purchased a new position in shares of Akoustis Technologies during the 1st quarter worth approximately $97,000. Finally, Raymond James Financial Services Advisors Inc. raised its stake in shares of Akoustis Technologies by 26.3% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 16,800 shares of the technology company’s stock worth $83,000 after buying an additional 3,500 shares in the last quarter. 21.12% of the stock is owned by institutional investors and hedge funds.

Akoustis Technologies Company Profile

Akoustis Technologies, Inc, through its subsidiary, Akoustis, Inc, develops, designs, manufactures, and sells radio frequency (RF) filter products for the mobile wireless device industries in the United States. The company operates through two segments, Foundry Fabrication Services and RF Filters. The Foundry Fabrication Services segment provides engineering review services; and smart systems technology and commercialization center foundry, as well as manufacturing and microelectromechanical systems foundry services.

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